This document presents a comprehensive solution to a financial accounting assignment, addressing various key concepts. The assignment includes questions on events occurring after the reporting period, requiring analysis and appropriate accounting treatments, differentiating between adjusting and non-adjusting events. It also covers journal entries for share issues, including calculations for share applications, allotments, underwriting commissions, and share forfeitures. Furthermore, the solution provides a detailed calculation of taxable income, incorporating adjustments for temporary and permanent differences, along with the determination of deferred tax assets and liabilities. Finally, the assignment delves into asset revaluation, demonstrating journal entries for upward and downward revaluations of trucks, and includes a memo analyzing the efficiency of the revalued assets. The solution provides detailed explanations and calculations, including working notes, to support the accounting treatments.
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